Consumers surprisingly mum on retirement planning

We need to talk.

All consumers do. Right now, many people are aware that they are unprepared for retirement, and concerned about how they will fund it. In fact, just 16% give themselves an ‘A’ grade on retirement planning. 41% give themselves a ‘C’ or lower.

However, the various generations are not talking to each other about retirement planning, and today’s retirees aren’t passing along realistic or practical advice to younger generations.

Whether money and savings are taboo topics, or older generations are feeling guilt or embarrassment over their retirement savings habits, this lack of conversation between generations can have a big impact on the future of savings.

Discover our four key learnings from the research, such as:

  • Retirement advice is limited and vague
  • Each generation is repeating the same retirement mistakes
  • Financial fears remain the same across generationst
  • Gen X-ers are poised to be more involved in parents’ planning

It’s true that each generation might not fully understand the next, but when it comes to thoughts about retirement, we’re not all that different.

With each new generation reporting similar saving, spending and communication blunders, imparting lessons-learned on younger generations may help them avoid some of the financial pitfalls of our own pasts. After all, maybe one day we’ll all be able to give ourselves an ‘A’ grade on retirement planning.

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33664Y     |     PRT 7-6-21